Life insurance is intended to prevent financial problems for families when the primary provider passes away. It is reassuring to know that the policy will cover funeral expenses and provide support for the family in this time of need and transition. Most people realize the importance of having life insurance and make it a priority to purchase a policy, but those with significant health issues find it difficult to qualify. Most insurance companies exclude people with diabetes, heart-related problems and cancer. For those who have been rejected because of medical issues, there is a simple solution to find relatively cheap term life insurance to protect your family.
Choosing to purchase a life insurance policy that does not require a medical exam is more costly, but may be the only way some individuals can get coverage. Term insurance is less expensive than whole life, but no-exam whole life policies usually have an exclusion period of two or more years. Some whole life policies that do not require an exam have higher premiums than those that require medical screening. For the individual who has been denied traditional coverage, it is worth spending a little more to gain the peace of mind that comes with having coverage